Kinnevik: Interim Report 1 January - 31 March 2018
"Our priorities for 2018 are clear. With active ownership as a core pillar of our strategy, we will continue to drive value in our TMT assets, identify the companies we want to accelerate in our private portfolio, and increase our efforts to identify new investments in our focus markets, including the Nordics. Three months into the job as CEO of Kinnevik, I feel that we have already made very good progress in many areas."
Georgi Ganev, CEO of Kinnevik
KEY PORTFOLIO DEVELOPMENTS
The proposed merger between Tele2 and Com Hem announced on 10 January is on track, and an updated shareholder remuneration and leverage policy for the combined company was announced in April
On 23 March, MTG announced its intention to split into Modern Times Group and Nordic Entertainment Group, creating two companies with clear business profiles, and with the ability to focus on their specific requirements and opportunities
On 11 April, Kinnevik announced an investment of USD 41m in Livongo, increasing the ownership to 8%
In April, Kinnevik agreed to invest SEK 80m for a 20% ownership stake in Budbee, the Swedish last-mile logistics company
FINANCIAL POSITION
Net Asset Value of SEK 93.3bn (SEK 339 per share), up SEK 2.7bn or 3% during the quarter, led by a SEK 1.6bn increase in Zalando and a SEK 0.7bn increase in Millicom
Unchanged net debt position of SEK 1.1bn at the end of the quarter
ORGANISATION
Georgi Ganev assumed the position as Kinnevik`s CEO on 1 January
Andreas Bernström joined Kinnevik as Investment Director on 5 March
Lars-Åke Norling will join Kinnevik as Investment Director and sector head of TMT starting 1 September
Christoph Barchewitz left Kinnevik to join the portfolio company Global Fashion Group as Co-CEO
A conference call will be held today, 26 April 2018, at 10.00 CET to present the results.
Link to the audiocast: https://edge.media-server.com/m6/p/xcyh9wzf
Dial-in numbers:
UK: +44 20 3364 5374
SE: +46 8 505 564 74
US: +1 855 753 2230
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 26 April 2018.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik`s shares are listed on Nasdaq Stockholm`s list for large cap companies under the ticker codes KINV A and KINV B.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinnevik via GlobeNewswire
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